AUD/CHF 1H Chart: Channel Up

During the last 100 hours the Australian Dollar has been generally outperforming the Swiss Franc, which resulted in emergence of an upward-sloping channel. This implies the support and resistance areas at 0.8086 and 0.8148 respectively. However, the latter level is currently being tested and it needs to prevent additional appreciation of the Aussie in order to confirm validity of the pattern. In this case AUD/CHF will be expected to retreat back to the weekly R1 before starting another bullish leg. Alternatively, the pair may close above 0.8148, which would suggest continuation of the rally, potentially up to the weekly R3 level at 0.8258.